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CDC Gets New Legal Statute

CDC Gets New Legal Statute

The Cameroon Development Corporation (CDC) floated in 1947 under the pre-independence British administration now has a new statute. A Presidential Decree N° 2016/031 of 19 January, 2016, transformed the corporation into a multi-engaging public utility corporation with the State as unique owner of all shares. This means that no private shares yet exist in the new CDC whose lifespan has been fixed for 99 years.

The change of statute has come with such portfolio-objectives as acquisition, creation, administration, exploitation and development of agricultural enterprises through production and transformation of produce. By the same text, the CDC would assist small holders (individuals or groups) cultivating similar crops as CDC within the perimeters of CDC factories. It will commercialize agricultural produce either raw or transformed (with added value). As a major outcome of the new statute, the CDC can exercise other operations directly linked to the afore-mentioned objectives by means of creation of new companies, inputs, fusion, association or participation and other means with regards to the development of the Corporation.

Governed by a 12-member Board of Directors representing government Ministries and statutorily the two Governors of the North West and South West Regions, the CDC is directed by a current General Manager and the current one was installed in January 2013. The CDC has a new statutory social capital of FCFA 35,718,550,806. Another super governing structure has been added to the existing two namely; the General Assembly whose members include representatives of some five government Ministries and whose role may be in an ordinary session to approve the audits, appoint, remunerate and revoke the auditor. In extraordinary session the General Assembly which is different and superior to the Board of Directors can change the statute of the CDC as may be proposed by the Board of Directors.

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